RE:RE:RE:Topicus vs ConstellationYeppers12 wrote: Good question! I did account for this by using the diluted FCFA2S. If I had used the basic (non-diluted) number, the FCFA2S would've been 2.32 Euros / share.
From my own calculations, I would have around 2.20 Euros / share / year in FCFA2S including dilution, which would be around 3.23 CAD per share, or 3.8% at current share price.
For CSU, I would have around 62 USD / share / year in FCFA2S, about 75 CAD per share, or 4% at current share price.
Our expectations for FCFA2S aren't that far, but from my own numbers, considering CSU's bigger footprint, going forward interest in Topicus and potential to spin off other parts, I'd rather stick with CSU for now. I would ideally like to pay less than 20x FCFA2S though to add shares, which might come later this summer, as you put it.